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SoftBank pulls out of Latin America partnership with Oyo Hotels
Another setback for the Indian startup.
Reuters reports: “The Latin American unit of Indian hotel startup Oyo Corp has ended its joint venture with the SoftBank Latin America Fund, less than six months after they struck a partnership in the region, both companies said on Thursday.
Oyo’s business in Latin America, known as Oyo Latam, on Wednesday said it was moving to a digital-only model, and that the changes would require laying off nearly its entire staff.
SoftBank Group has poured $75 million into Oyo in Latin America, part of its more than $1 billion investment in the parent company.
Although hotels in the region can still operate under Oyo’s brand, operations will now be managed directly from Oyo’s home base in India, an Oyo Latam spokeswoman told…